Thailand Developer Raimon Land Report Its Record Profits

Thailand Property development firm Raimon Land PLC reported a record net profit of Bt496 million (US$16.6 million) for 2012. Raimon Land’s EBITDA (Earnings Before Interest, Taxes, Deprecation and Amortization) reached a landmark level of Bt1.058 billion (US$35.46 million) last year, and Raimon Land registered a 33 percent growth in its profit margin. The latest figures were revealed by Raimon Land’s new chairman of directors, Pradit Phataraprasit, and Lional Lee, the company’s newly appointed director.

The Singapore-based Lee family became Raimon Land’s largest shareholder earlier this month after acquiring a 24.97 percent equity from IFA Hotels & Resorts 3 Limited.

Lee emphasised the strategies Raimon Land will employ to ensure its continued growth.

“We will continue to focus on high end property development in Bangkok and resort destinations in Thailand, which has been instrumental to Raimon Land’s success,” said Lee.

Raimon Land’s current projects in Thailand include The River and 185 Rajadamri in Bangkok, and Zire Wongamat and Unixx in Pattaya.

“Also, we intend to diversify our activities by developing additional income-generating sources, such as rentals from commercial properties, hotel management fees and revenue from food and beverage outlets,” Lee added.

The launch of a new project, The Lofts Ekkamai, is high on Raimon Land’s agenda for 2013. The 28-storey project will comprise 264 units, including a mix of studios and one, two and three-bedroom apartments.

The Lofts Ekkamai is situated in the Sukhumvit-Thonglor-Ekkamai area of Bangkok, and is worth a total of Bt2.1 billion (US$70.5 million). The project was designed by HB Design, who were also responsible for the design of The River and 185 Rajadamri.

The project will be targeted at Thai and foreign customers, and aims to answer the strong demand from a younger generation of condominium buyers for affordable, high quality accommodation with good access to public transport.

The project is scheduled to launch in 2Q2013 with completion expected by the end of 2015.